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While the Asian financial crisis spread to Russia and Brazil, the transition economies in Central and Eastern Europe (CEECs) are largely unaffected by international financial contagion. This is the more surprising considering that most economies have experienced severe banking sector problems in the past, that large bad loan ratios are still prevalent, that banking regulation and supervision are only slowly improving, and that stabilizing policies have slowly been eliminated. What insulated the CEECs from the recent wave of financial instability? To consider the counterfactual, the authors first provide a framework that links banking crises to financial deregulation. They then focus on a number of macro- and microeconomic factors, using data compiled from the IMFAs International Financial Statistics, from the World Bank's World Debt Tables, and from the BISAs Consolidated International Banking Statistics. First they compare past experiences in CEECs with those in other emerging economies as a cross-sectional reference point. Then they consider whether the situation in CEECs has changed since the last banking sector problems, in order to establish a reference point across time. The results indicate that the factors leading up to past banking crises are generally different in CEECs from those in other emerging economies. However, in recent years, the characteristics of CEECs have become more similar to those of other emerging economies.
Podczas gdy azjatycki kryzys finansowy rozprzestrzenił się od Rosji po Brazylię, kraje transformacji gospodarczej Europy Środkowo-Wschodniej, pomimo trudnej sytuacji w sektorze bankowym zdołały się uchronić od jego skutków. Celem artykułu jest analiza tego zjawiska.
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